Cork City in Financial Trouble?

**wws** · 31/10/2006, 11:44 AM

or alternatively GOOD man management sees Cork not being infected by a player who feels he's above the rest of the squad and immune to taking orders from his manager

**joeSoap** · 31/10/2006, 12:20 PM

Whatever way you want to look at it, he's still costing Cork �100,000 a year. Thats a huge liability on what is an asset that should be making the club money.

If Rico didn't want him, then he should have sold him, loaned him, or teminated his contract. Instead, he can fanny around now and get well paid for it. Bad management by Rico and Lennox.

**pineapple stu** · 31/10/2006, 12:28 PM

Originally Posted by Galway Harps

So the 2008 limits will be based on 2007 turnover- that makes sense I guess?

It makes no sense. It means promoted teams will have a very low wage budget and won't be able to compete at Premier Division level, but when they get relegated, they'll have a higher budget and will run up a loss in the First Division, which they should canter. It means teams qualifying for the Setanta Cup or for Europe won't get to spend the money until the season after, as well. You can't base the 65% on last year's turnover; it ultimately has to be based on this year's, however that is to be managed.

I suppose one way would be to add in a guesstimate, based on historic figures, of what Setanta qualification is worth and work from there. The alternative is to force clubs to produce a budget which shows wages at 65% of turnover, and monitor this every month for deviations. I think this latter is to an extent done in England?

**drinkfeckarse** · 31/10/2006, 12:29 PM

Disagree, in all reality you would have to pay up the remainder of his contract if they terminated it. Only if both parties agreed could they get away with not paying up and the likelihood of that was pretty slim.

I don't blame the club at all for this as they were unlucky in a way to be bound by the transfer rules/window. I'm sure if it was possible they'd have offloaded him like a shot. How can you say bad management when the player was "apparently" acting like he was too good for the place?

The only bad management would have been if they took no action at all and then let it affect the rest of the teams morale.

**wws** · 31/10/2006, 12:29 PM

"sold him, loaned him, or teminated his contract"

???? to sell or loan him requires someone else willing to take him
to terminate his contract requires at best further financial outlay and at worst an even more costly court action

**pete** · 31/10/2006, 1:42 PM

Very few people know what happened between Rico & George. Brian Lennox backed his manager which is good enough for me. Other people have different opinions but they are no better than my opinion.

City tried to sell & loan him but no serious takers. The only club to offer to loan was Limerick. He cannot be sold until January transfer window. The club are not trying to hold onto him for the sake of it.

Its no different than having one of your best players injured for most of the season but nothing can be done about now.

**passerrby** · 31/10/2006, 4:57 PM

Manager Damien Richardson is just one of many people at or near to the club who feels the biggest problem has not been the drop in attendances but rather the failure to adequately develop other aspects of revenue generation.
sounds like he,s saying its not my fault but give me more money and i will solve it

**pete** · 31/10/2006, 5:20 PM

Originally Posted by passerrby

sounds like he,s saying its not my fault but give me more money and i will solve it

I think he is saying that crowds increase when winning the league. Because you cannot rely on winning the league every season you need to have more off the pitch revenue that is guaranteed no matter what league position you finish.

How many clubs are spending 100%+ of revenue on wages?

**Midgit** · 01/11/2006, 8:54 PM

Seems a bit suspicious to me that the league champs are going bankrupt!
Some very bad planning from the boardroom obviously!!!

**pete** · 01/11/2006, 11:15 PM

Originally Posted by Midgit

Seems a bit suspicious to me that the league champs are going bankrupt!
Some very bad planning from the boardroom obviously!!!

Did you even read the thread? No one said we were going bankrupt.

**Peadar** · 03/11/2006, 3:11 PM

Taken from todays Echo.

CORK CITY chairman Brian Lennox today confirmed that takeover talks have been held with a local investor.
City’s sole owner said that talks were held over the last few days, that he is considering a proposal and further talks are planned for early next week. “A proposal has been put to me to buy the club out and take it over but I need time to think about it,” said Lennox who flatly rejected strong rumours that he has turned down a substantial cheque offer last night. “I need to weigh things up now over the weekend and I have to convince myself that this is a genuine offer and in the long-term best interests of the football club,” he added.
Cork City FC will sign a new two-year sponsorship deal with LeisureWorld next weekend worth g30,000 over two seasons with an option to extend the deal.
The club also have over g200,000 inUEFA prize money coming to them in May 2007 after their exploits in the Champions League earlier this season.

**Midgit** · 03/11/2006, 5:54 PM

Originally Posted by pete

Did you even read the thread? No one said we were going bankrupt.

Well ye are in Financial trouble aren't ye?

**Peadar** · 03/11/2006, 6:43 PM

Originally Posted by Midgit

Well ye are in Financial trouble aren't ye?

That UEFA money is closer to �350K and our chairman is talking about having difficulty maintaining our status unless we get further investment. We're a lot better off than many other clubs, that's for sure.